Jake Miller
Truist Bank, formed in 2019 by the merger of BB&T and SunTrust, is one of the largest banks in the US, serving approximately 10 million consumer households and a wide range of business clients. The bank offers a variety of small business deposit accounts and financing options, including business checking and savings accounts, small business credit cards, loans, lines of credit, insurance, and merchant services. While Truist provides multiple business checking accounts, free business checking options, and straightforward online banking experiences, some customers have reported issues with surprise monthly fees, robotic support, and faulty transaction integrations.
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What You'll Learn
Truist's small business checking accounts
Truist Bank offers multiple business checking accounts, including two free business checking accounts, which is more than most banks its size. The first is the Simple Business Checking account, which has no monthly fee but only includes 50 fee-free transactions per month, making it best suited for very small operations. ACH service is not included with this account, and Truist charges $15 per month for this service, which includes 15 ACH payments per month, and $1 per ACH payment after that. The second free business checking option is the Community Business Checking account, which is designed for non-profits. This account offers 225 fee-free transactions per month, a high number for a brick-and-mortar bank, and has no limit on free cash deposits, a very rare feature.
For those with a higher volume of transactions, the Truist Dynamic Business Checking account offers the best value for business owners, provided you can qualify to waive the monthly service fee. The $20 monthly fee is waived if you have a $5,000 average combined balance across all your Truist business accounts. This account offers a very high cash deposit limit of up to $25,000 per month before fees are incurred.
In addition to these accounts, Truist offers a range of online banking features, including the ability to send and receive money with multiple payment options, deposit cheques, pay bills, make ACH payments, transfer money, and use Zelle, a fast, easy, and safe way to send and receive money. Truist also provides a Business Admin feature, which allows you to provide account access to other company members, set up specific roles and customise permissions. The Fraud Inspector feature allows you to review transactions for suspicious activity and request to reverse transactions if something doesn't look right.
With over 1,900 branches and 2,900 ATMs across 17 states, Truist offers small business owners a convenient and comprehensive suite of banking services, with a focus on meeting the unique needs of each business owner.
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Pros and cons of Truist for small businesses
Pros
Truist offers a range of business and personal banking products, including for small businesses. The bank provides straightforward business accounts for small business checking needs, as well as other products and services for small business owners. Truist offers two free business checking accounts, which is two more than most banks its size. The first is Simple Business Checking, an entry-level account with no monthly fee but only 50 fee-free transactions per month. The second is Community Business Checking, designed for nonprofits, which offers 225 fee-free transactions per month and no limit on free cash deposits. Truist also offers Dynamic Business Checking, which offers the best value for business owners who can qualify to waive the monthly service fee by maintaining a $5,000 average combined balance across all Truist business accounts. This account offers a very high cash deposit limit of up to $25,000 per month before fees.
In addition to checking accounts, Truist provides small business credit cards, loans, lines of credit, insurance, and merchant services. Truist also offers online banking with features such as custom alerts, multiple payment options, and the ability to deposit checks remotely. The bank has over 1,900 branches and 2,900 ATMs across 17 states, primarily in the mid-Atlantic and southeastern US, allowing for in-person support when needed.
Cons
Even with the bank's free business checking options, there are extra fees to be mindful of. For instance, the Simple Business Checking account charges a $15 monthly fee for ACH service, which includes 15 ACH payments, and $1 per ACH payment after that. Dynamic Business Checking charges a $20 monthly service fee unless you qualify to have it waived. There have also been complaints about surprise monthly fees, poor customer service, funds being held for extended periods before being credited to accounts, and excessive overdraft fees. Additionally, Truist's checking accounts may not be suitable for businesses that handle frequent wire transfers or require regular international payments.
Overall, Truist offers a variety of small business banking options and features that may be beneficial for small businesses, particularly those located in regions where Truist has a strong presence. However, there are some concerns about extra fees and customer service issues.
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Truist's small business customer service
Truist Bank offers a range of business and personal banking products, including for small businesses. The bank provides straightforward business accounts for small business checking needs and other products and services for small business owners.
The bank offers multiple business checking accounts, including two free business checking accounts: Simple Business Checking and Community Business Checking. The former is best suited to very small operations, while the latter is designed for non-profits and offers more freedom and flexibility. Truist also offers a Dynamic Business Checking account, which offers the best value for business owners who can qualify to waive the monthly service fee.
Truist's online banking services include a customizable home screen that provides a single, simple view of your financial picture, allowing you to conveniently see your accounts and details, access recent transactions and history, and review your statements and notifications. Additionally, the Transfer and Pay feature enables you to send money to vendors, make loan payments, or send wires.
In terms of customer service, Truist has received mixed reviews. Some positive reviews on Trustpilot mention good customer service experiences. The bank has a dedicated phone number to talk to small business specialists and provides 24-hour automated assistance. Customers can also schedule in-person or virtual appointments. However, some negative reviews on Trustpilot mention poor customer service, with complaints about funds being held for extended periods before being credited to accounts and issues with unexpected overdraft fees.
Overall, Truist Bank provides a range of small business banking options and customizable online banking tools. While there are positive reviews of their small business customer service, there are also critical reviews highlighting issues with unexpected fees and technical problems.
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Truist's small business loans and insurance
Truist is one of the largest banks in the country, offering a variety of lending options for small businesses. The bank provides local expertise and long-term partnerships, with a shared focus on community impact and rewards for loyalty.
Small Business Loans
Truist offers term loans, lines of credit, vehicle and equipment loans, commercial real estate loans, and SBA loans for small businesses. Notably, even brand-new businesses can qualify for term loans of up to $25,000 with the right credentials. For loans up to $50,000, there are no origination fees or financial statement requirements. Borrowers can choose the term of their loan, ranging from 12 to 75 months, with a maximum loan amount of $250,000 and a repayment term of up to 84 months for certain loans.
Small Business Insurance
Truist provides small business insurance, although specific details are not readily available on their website. Interested parties can schedule an in-person or virtual appointment to discuss their insurance needs and how Truist can help.
Online Banking
Truist's online banking services offer convenience and ease for small business owners. The online platform allows users to access their accounts and details, review transactions, history, statements, and notifications, and make payments or transfers. Additionally, Truist provides custom alerts and multiple payment options, including Zelle for fast, easy, and secure money transfers.
Checking Accounts
Truist offers multiple business checking accounts, including the Simple Business Checking account with no monthly fee but a limited number of fee-free transactions. Their Community Business Checking account is designed for nonprofits and offers more fee-free transactions and unlimited free cash deposits. For those with higher balances, the Dynamic Business Checking account provides additional benefits, such as a high cash deposit limit, when the monthly fee is waived.
While Truist offers a range of services catering to small businesses, some users have expressed concerns about high fees and the limitations of their online banking capabilities.
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Alternatives to Truist for small businesses
When it comes to alternatives to Truist for small businesses, there are several options available. Here are some suggestions:
REIL Capital
If you're looking for fast, flexible, and tailored financing, REIL Capital is a great alternative to Truist. They offer quick access to capital, often within days, which is beneficial for businesses that need immediate funding to seize opportunities or manage cash flow. REIL Capital also provides expert guidance and personalized support, making it a more accessible option for businesses with varying credit profiles.
BlueVine
BlueVine is another option that offers an incredibly high-interest rate on its checking account. It accumulates interest while your funds sit in the account, and then you can transfer the money to PayPal for spending and earning cashback. BlueVine also integrates with QuickBooks, giving you more control over your finances.
Wise Business
Wise Business is a Money Services Business (MSB) provider and a smart alternative to traditional banks. It is specifically designed for businesses that frequently deal with international transactions, allowing you to send, hold, and manage funds in multiple currencies and send money worldwide. Wise Business also offers additional features such as debit cards for team members to use overseas without foreign currency transaction fees.
US Bank Silver Account
The US Bank Silver Account is similar to Truist's Simple Business Checking account and is aimed at small businesses with a lower volume of transactions. It offers a generous transaction limit of 125 free transactions per statement cycle, and additional transactions are reasonably priced. US Bank also provides mobile banking, mobile check deposits, and a bill pay service.
Axos Bank
Axos Bank is another alternative that partners with Centerstone SBA Lending to facilitate SBA loans. They also provide discounted access to Roll by ADP, a payroll service. Axos does not have physical branch locations, but their online business checking account charges very few fees while delivering significant value.
Remember, when choosing a banking alternative, consider your business's unique needs, such as transaction volume, international payments, financing options, and the level of customer support you require.
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Frequently asked questions
Truist Bank offers a variety of small business deposit accounts and financing options. Their online banking services are designed to meet the unique needs of business owners, allowing them to conveniently access their accounts and details, review transactions, statements, and notifications, and make payments. They also provide custom alerts, multiple payment options, and quick deposit features. Additionally, Truist offers free business checking options, including Simple Business Checking and Community Business Checking for nonprofits, as well as Dynamic Business Checking for those with higher balances.
Some reviews mention poor customer service, issues with funds being held for extended periods, and unexpected overdraft fees. There are also additional fees for certain transactions, such as ACH services, which may be a concern for businesses with frequent transactions.
Alternatives to Truist include Novo, Bank of America, Wells Fargo, and Wise Business. Novo is praised for its customer focus, lack of fees, and seamless account opening process. Bank of America and Wells Fargo offer geographic reach and capabilities expected of major national banks, but they may also come with higher fees. Wise Business is a good option for businesses that need to handle regular international payments, as it supports a range of currencies with no hidden fees.
You can apply for a checking account online or by visiting a branch. The application process requires personal and business information, including details about any business partners.
Truist offers a range of small business deposit accounts, including checking and savings accounts. They also provide financing options such as loans and lines of credit. Additionally, Truist offers small business credit cards, insurance, merchant services, and money market accounts.
